What Is Genesis Block?

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What Is Genesis Block
What Is Genesis Block

A genesis block is the first block ever recorded in its corresponding blockchain network, also sometimes referred to as Block 0 or Block 1.

When a block is transferred to a blockchain, it refers to the previous block. However, in the case of a genesis block, the previous block is missing.

Since there is no previous block that can be referenced, genesis blocks are usually encoded in software.

As for bitcoins, the genesis block was January 3, 2009. This unit had a reward of 50 BTC, which is always necessary. It is not known whether the reward for the genesis block was deliberately not expendable since Satoshi Nakamoto did not explain this.

Bitcoin Genesis block

The hash of the block of origin (000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f) is unique in that it contains two initial hexadecimal zeros, more than is required for other initial blocks.

The award for the 50 BTC genesis block was sent to 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa, and from January 3, 2019, this address contains a total of 66,912 BTC and received a total of 1486 transactions. The prize in the amount of 50 bitcoins will not be subject to sale forever, and people who sent their bitcoins to this address will never be able to return the funds sent to them.

Hidden message

In the Bitcoin Genesis block, Satoshi left a message written forever in history. In the coinbase parameter, along with the usual block data, the following message was included (the name of The Times).

The Times 03 / Jan / 2009 The Chancellor is on the verge of a second bailout for banks

This message was probably included as a time stamp to indicate that the block was not created until January 3. However, the selected title is also important because Bitcoin was created first.

Timestamps

After the bitcoin genesis block, the next block in the blockchain recorded a timestamp recorded six days later.

Block 0: 2009-01-03 18:15:05

Block 1: 2009-01-09 02:54:25

The exact reason for this is currently unknown, but it is assumed that Satoshi took a break or planned to relate it to the biblical description of the world created in 6 days.

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